New development starts out of ashes of Edinburgh's Cowgate fire

UK Property investment and development company Jansons has started construction of a new hotel and leisure complex at the infamous Cowgate fire site in Edinburgh.

The Cowgate fire attracted worldwide attention in December 2002. Since then complex negotiations between nine different owners and the economic downturn have delayed the site, named Soco, coming forward.

Work, which will include the construction of a new Ibis hotel, shops and restaurants, is scheduled for completion in December 2013 and the project has attracted widespread support from business and heritage groups in a city where planning consents in such a world heritage site can be controversial.

LaSalle will take over the development upon its completion.

Andy Jansons, CEO of Jansons commented: 'This represents the culmination of a great deal of hard work but I am proud that we are able to announce the formal launch of construction and the purchase of the scheme by LaSalle.'

John Yeend, Director of LaSalle added: "This represents a substantial opportunity to secure an attractive long term investment in a key city centre site in Scotland’s capital. With the strength of its festivals offer, and with Edinburgh Airport in new ownership, we are confident that tourism in Edinburgh remains a secure and smart investment for our funds. We have followed the development of the SoCo site for some time and I would commend Jansons for gaining widespread support for a high quality addition to Edinburgh’s World Heritage site."

Lewis & Partners and Ryden advised Jansons & Cyril Leonard advised LaSalle in the funding of this development.